Bookies have cut odds on the UK leaving without an agreement as PM is accused of shutting out MPs.
Prime Minister Boris Johnson has asked the Queen to suspend Parliament well in advance of the Brexit deadline on 31st October, leading to bookmakers cutting odds on a no-deal scenario.
Having been priced odds-against fairly consistently since March, the possibility of the UK leaving the European Union without a withdrawal agreement is now even money with several bookmakers.
Odds have been hovering around this mark since Boris Johnson took over as Prime Minister, with it looking increasingly likely that this would be an option for the new man in No.10.
However, today’s movement comes in light of the PM making a shock move to ask the Queen to suspend Parliament from 9th September until 14th October, in order to set out the legislative agenda of his administration.
The Prime Minister’s request to suspend parliament until 14th October would reduce the amount of time MPs have to pass laws to prevent the no-deal scenario.
Punters have jumped to the deal or no-deal market as a result, with a massive 72.2% of bets on the market in the last 24 hours going on the UK leaving without a deal.
Johnson’s controversial move has been met with significant resistance from key figures such as House of Commons Speaker John Bercow and opposition leader Jeremy Corbyn.
Their argument is that suspending parliament early is unconstitutional and would effectively shut MPs out of the democratic process in this crucial stage before the October deadline.
Boris Johnson insists that he simply wants to set out his legislative plans more urgently, rather than mask any intentions of leaving the European Union without an agreement.
Oddschecker spokesperson Callum Wilson: “Activity on the deal or no deal market has been increasing steadily ever since Boris Johnson got the keys to No. 10.
“Today’s news has seen a significant increase in bets and bookmakers have reacted accordingly, with the no-deal Brexit scenario looking as likely as it ever has according to the odds. If the suspension goes ahead, expect to see that price swing to odds-on imminently.”
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